Solana meme coin Dogwifhat (WIF) garnered substantial optimism on Monday as a smart money was recorded accumulating nearly $16 million worth of tokens from Binance. On-chain data indicates that this smart money’s previous trade strategies aided the trader in making attention-nabbing profits. This chronicle has reverberated significant bullishness for WIF price ahead. Meanwhile, the meme token traded up nearly 4% at press time, cementing investor optimism on price in light of the recent accumulation.
Dogwifhat Whale Accumulates Heavily From Binance
According to data from Lookonchain dated November 9, the smart whale address D2Noa accumulated 6.9 million WIF, worth $15.87 million, from the crypto exchange Binance. As per the data, this whale previously bagged $15M worth of WIF, selling it all later to make a profit of $8 million.
In light of this remarkable profit-making trade strategy recorded previously, the smart trader’s current accumulation has projected optimism over the meme token’s future movements. Simultaneously, Solscan data indicated that the trader primarily held only the dogwifhat token, whereas other small-cap tokens existed in negligible amounts.
Overall, the massive accumulation by a smart trader sparked significant market optimism, underscoring the top meme coin‘s potential to pump ahead.
Price Rally Looms?
Simultaneously, WIF price traded up nearly 4% in the past 24 hours and is now trading at $2.44. The coin’s intraday low and high were recorded as $2.21 and $2.50, respectively. The meme token soars in tandem with the significant buying pressure brought upon the asset, as mentioned above. Further, the coin’s 24-hour trading volume witnessed a 4% increase to $2.44 billion.
Traders and investors optimistically eye the token amid its recent bullish movement and the massive smart whale accumulation, expecting further gains. Additionally, crypto market enthusiast Justin Bennett took to X, revealing that a maintained hold above $2.30 could push the coin to $2.90 ahead. Also, renowned analyst Ali Martinez took to X, revealing that Dogwifhat appears to be breaking out of a bull flag. This statement indicates that the token is eyeing a 20% increase in the near future.
Overall, recent market stats indicate that the leading Solana meme coin is readying for a remarkable bull run ahead.
Coingape Staff
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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